Query (ITR & FD) - Q & A Forum

Q & A Forum › Category: Banking › Query (ITR & FD)

Suresh87 asked 8 years ago

My grand father died recently. He put my name as nominee in bank FD. I claimed that amount and they transferred FD amount to my bank account. How it will treated while filing my IT returns? Is it taxable amount or exempted amount? How i will show that amount in ITR 1 form?

2 Answers

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Sreekanth Staff answered 8 years ago

Hi, It is tax-exempted amount, you can disclose it under 'Exempt income' section of ITR 1. Related article : https://www.relakhs.com/nominee-legal-heir-will-importance/

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Sreekanth Staff answered 8 years ago

Kindly note that any income on this amount from now on will be added to your income and subject to taxes (if any)..